Russia Invests $125,000,000 in a Major Crypto Mining Project in Norway

Russia is investing in a huge crypto mining project close to a NATO exercise in Norway. The country intends to build a farm of thousands of powerful computers. The construction is scheduled to begin this summer.

The Russians are financing the installation of thousands of highly powerful computers a few kilometers from the site of the sizeable NATO training exercise in Norway. Works are scheduled to begin in the summer, and counterintelligence in Norway is already keen to learn just what is contained in the string of containers that are arriving.

Norwegian Forests Hold a Russian Mining Farm

The Russian New Mining Company, a renowned business providing large-scale openings and mining solutions for crypto, has been working on a momentous Norwegian investment. In a new farm, it hopes to establish several thousand mining units.

Advertisement

Companies local in the area will also be taking part in this project, which will be worth approximately 1 billion krone, which estimates at around $125 million US dollars.

It is forecast that construction will commence in August, though there have already been eight equipment containers delivered to the Alvdal municipality site. Crypto companies in the US, China, Japan, Israel, and Kazakhstan have already been drawn to the region because of the modern communications infrastructure and low electricity rates. Nonetheless, there have been some questions as to why there has been such a great interest in Norway by the Russians since they already provide excellent conditions for their miners.

Alvdal and Tynset on Norway map. Source: shutterstock.com

Trident Juncture (2018), the largest military exercise throughout the history of the Nordic member states, led by NATO, is set to commence on the 5th of October in the bordering municipality known as Tynset, which is a few kilometers away from the intended site of the Russian mining project.

As stated by the Norwegian daily publication Aftenposten, the crypto mining facility of the Russians has drawn a great deal of attention to the Special Services of Norway. Residents are also speculating why their area has suddenly been selected by the Russians and why at this particular time.

Computer Tweaking: Some People Believe It Happens

The crypto mining farm is situated approximately 5km to the northwest of Alvdal, perched on the outskirts of a dense forest. High voltage power and fiber optic cables are already stretching across to the location. And according to a Norwegian tabloid, the whole place has a quarry look to it. Representatives of Nordanvind, the supervising construction company, have met with the Norwegian authorities to offer details concerning the project.

Arund Løvik, a Nordanvind representative, said:

“We consider that the Russians arrival [as well as the exercise by NATO] here is just by chance. It is not difficult to discover the type of equipment they have transported in containers. I do not consider it can be utilized for anything other than bitcoin mining.”

People are not sure what this project is for. According to Torgeir Waterhouse, director of Internet & New Media at IKT-Norge, only individuals with direct hardware access can explain the purpose of the project. He considers it conceivable for this equipment to be used for dangerous cyber attacks, but only on a small scale. However, he noted that these kinds of attacks are usually undertaken in a secret location and at a safe distance.

Mr. Martin Bernsen, a leading advisor to the Norwegian Police Security Service, said that they have been notified of the Russians’ impending arrival:

“We are informed about the intended plans of the Russians and the construction, but we choose not to make any comment about these events.”

He continued:

“Exercises carried out by NATO, without question, rouse the curiosity of the foreign intelligence service.”

Norway’s military intelligence acknowledged that it had obtained information relating to the Russian project as well. However, Per-Thomas Bøe, Press Secretary for the Norwegian Commander in Chief, emphasized that the Police Security Service has the authority to speak on the matter on behalf of the Norwegian authorities.

RELATED ARTICLES

MORE FROM OUR PARTNERS

[blokt] is a leading independent blockchain news outlet that maintains the highest possible professional and ethical journalistic standards. Journalists are required to meet our editorial policies and guidelines.